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House Prices On The Increase Across The County
South Lanarkshire’s property market has been given a boost as it was revealed the average house price rose seven per cent in a year that witnessed an incredible £790million of sales.
The latest annual figures cover the whole of 2015 and show the value of the average house has shot up from £128,683 in 2014 to £138,017.
And 5724 sales went through over the 12-month period – a 4.1 per cent rise on the previous year’s total of 5498.
The government figures were released by Registers of Scotland and show that South Lanarkshire is performing well against the housing market’s rate of increase across the country. Neighbouring North Lanarkshire also had a good year with an increase in average price, volume of sales and total market value.
In South Lanarkshire the average house rose in value by 7.3 per cent from £128,683 to £138,017.
Across North Lanarkshire the average house price went up 4.5 per cent from £114,045 to £119,164.
And the average house price in Scotland rose 3.6 per cent from £163,545 to £169,402.
In South Lanarkshire the number of sales rose by 4.1 per cent from 5498 to 5724.
Across North Lanarkshire the total number of sales went up 8.6 per cent from 4625 to 5023.
And the volume of sales across the whole of Scotland went up 4.5 per cent from 93,525 to 97,701.
In South Lanarkshire the value of sales shot up 11.7 per cent from £707,497,491 to £790,010,205.
Across North Lanarkshire the value of sales rocketed 13.5 per cent from £527,459,050 to £598,562,906.
That means the total value of sales across Lanarkshire was £1.4billion.
The volume of sales across Scotland as whole went up 8.2 per cent from £15.2billion to £16.5billion.
Registers of Scotland’s director of commercial services, Kenny Crawford, said: “The total value of the residential property market continues to make a significant contribution to the Scottish economy. In 2015, the market totalled £16.5 billion, an increase of 8.2 per cent on the previous year.
“The City of Edinburgh property market represented over 17.2 per cent of this figure, bringing in over £2.8 billion to the Scottish economy. This is significantly larger than the next biggest property market, Glasgow, with 9.8 per cent of the market at £1.6 billion.”
The local authority area with the highest average price was the City of Edinburgh, where the average price for the year was £238,036, an increase of 4.9 per cent on 2014. The highest annual change in average price was in West Lothian, rising 9.1 per cent to £161,014 in 2015. The only local authority area to show a slight decrease in average price was East Renfrewshire, down 0.6 per cent to £227,369.
The statistics cover all residential sales between £20,000 and £1 million, including those that did not involve a mortgage.